Business
Services PMI Remains Strong At 58.4 In November On Consistent Demand, Record Hiring
NEW DELHI: India’s services sector remained strong in the month of November with HSBC India Services Business Activity Index, or services PMI for the month at 58.4, down only fractionally from 58.5 in October, amid a consistent demand that led to a significant rise in business sentiment and record...
RBI’s Directors Cut: NBFCs Told To Oust PE, VC Observers
MUMBAI: Private equity and venture capital funds can no longer enjoy ‘power without responsibility’ in non-banking finance companies (NBFCs) where they own equity stakes. These institutional investors often place ‘observers’ in NBFCs where they acquire stakes instead of nominating ‘directors’ on the boards of the investee companies. This is...
Govt Likely To Offer 35% Subsidy For Goods Transport On Inland Waterways
NEW DELHI: In an effort to boost transportation of goods by rivers, which accounts for only 2 per cent of India’s total freight movement, the government is likely to offer subsidies to cargo owners for goods transportation via inland waterways for three years. The proposed move, where there will...
Bank Credit Growth Slows To 11% From Over 20% In Last Year
MUMBAI: Bank credit growth has slowed to 11.1% as of Nov 15, 2024 compared to 20.6% last year. Even after adjusting for the HDFC-HDFC Bank merger, growth remains slower at 12.4% versus 16.2% in 2023. There has also been a slowdown in deposit growth, albeit to a lesser extent....
Rajya Sabha Passes Bill To Boost Investment In Oil And Gas Exploration
NEW DELHI: The Rajya Sabha on Tuesday passed a bill that aims to delink petroleum operations from mining, clarify the grant and extension of petroleum leases and create a new dispute resolution mechanism for the exploration and production sector. Passed by a voice vote in the upper House, the...
Bill To Push Banking Reforms, Strengthen Governance Gets Lok Sabha Nod
NEW DELHI: The Lok Sabha approved the Banking Laws (Amendment) Bill, 2024, on Tuesday. It was tabled in the House by Union Finance Minister Nirmala Sitharaman. The Bill proposes 19 amendments to banking laws, including the Reserve Bank of India Act, Banking Regulation (BR) Act, and Banking Companies (Acquisition...
Higher GST On Sin Goods To Offset Losses From Insurance
NEW DELHI: An increase in goods and services tax (GST) on several items and a special levy of 35% on “sin goods” like cigarettes, as proposed by a group of ministers (GoM) formed by the GST Council, are expected to help partially offset revenue shortfalls due to abolition of...
Reality Check For Capital Expenditure Target
NEW DELHI: The Centre is unlikely to go for a big increase in its capital expenditure target for the next fiscal year. “It will certainly not be lower than the current year’s Rs 11.11 lakh crore, but how much increase is a debatable point,” an official said, adding that...
Petroleum Product Exports Slip 12 Per Cent In November
NEW DELHI: India’s exports of petroleum products in November declined by 12% year-on-year to 1.29 million barrels per day, driven by a significant fall in the supply to Europe, according to data provided by energy cargo tracking firm Vortexa. The decline was 3% compared to the previous month. India...
Iron Ore Likely To Be Under Pressure On Weak Chinese Property Sector
CHENNAI: Iron ore prices will likely be under continued downward pressure that could extend to 2026 due to weak demand stemming from a subdued outlook for China amid its sluggish property sector, analysts have said. This is despite iron ore prices rising to over $105 a tonne currently on...
Indian Steel Mills Feel Crunch From Cheap Chinese Imports
India’s construction boom with its gleaming highrises and multilane highways was supposed to drive up domestic steel sales, but Jogindra Group’s mills in northern Punjab state are filled with unsold inventory. A flood of cheap Chinese steel has pushed India’s smaller mills to scale down operations and consider job...
SU-30 Upgrade To Naval Crafts: DAC Clears Rs 21,772 Crore Defence Proposals
Five capital acquisition proposals amounting to over Rs 21,772 crore were accorded Acceptance of Necessity (AoN) by the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, on Tuesday, the Ministry of Defence (MoD) said in an official release. Approvals include ships for the Indian Navy, helicopters for...
Japanese Firms Keen To Set Up Semiconductor Units In India: Deloitte
NEW DELHI: Japanese firms are keen to set up semiconductor units in India and they have all the expertise and specialisation to partner with domestic firms, Deloitte has said. It also said that skilled workforce, funds and continuation of support measures are key to push growth of the semiconductor...
Rupee Stares At 85 Against Dollar Amid GDP Worries, Hits Fresh Low Of 84.70
MUMBAI: The rupee slid to a fresh low of 84.70 versus dollar on Monday, driven by concerns over slowing economic growth and heightened greenback demand in the non-deliverable forwards (NDF) market, dealers said. The domestic currency declined 0.25 per cent during the day, marking its steepest fall since June...
Manufacturing PMI Drops To 11-Month Low Of 56.5 Amid Intensifying Price Pressures, Weak Demand
NEW DELHI: India’s manufacturing activity slowed in November, with the Purchasing Managers’ Index (PMI) dropping to a 11-month low of 56.5, down from 57.5 in October, despite downward movements in most of its subcomponents, data released by S&P Global on Monday showed. The drop signalled a softer improvement in...
Government’s FY25 Capex May Miss Target By Up To 9 Per Cent
NEW DELHI: With the spending capacity of government departments and agencies already overstretched, the Centre’s capital expenditure will likely fall short of the annual target of Rs 11.11 lakh crore by up to Rs 60,000 crore-Rs 1 lakh crore, sources told FE. After the gross domestic product (GDP) growth...
Major Overhaul Of Customs Duty On Over 100 Items Likely In FY26 Budget
NEW DELHI: The government is likely to go for a major overhaul of the basic customs duty on more than 100 items in the Budget for FY26, in order to align the rates with global trade dynamics and correct the inverted duty structure, according to a senior official. The...
Dutch Investor Prosus To Raise Bets On India
MUMBAI: Dutch technology investor Prosus, which has invested over $8 billion in the country, will raise its bets on India, where more people are coming online, expanding opportunities for companies and investment firms alike and giving new startups room to find their feet. India is very “heterogeneous” – people...
